U.S. existing-home sales declined for the third consecutive month, as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year. According to the National Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7% month-over-month and 2.8% year-over-year, to a seasonally adjusted annual rate of 4.11 million units.
New Listings increased 17.0 percent for Single Family homes and 9.8 percent for Condominium homes. Pending Sales decreased 25.4 percent for Single Family homes and 40.4 percent for Condominium homes. Inventory increased 25.8 percent for Single Family homes and 198.2 percent for Condominium homes.
Median Sales Price increased 30.8 percent to $1,350,000 for Single Family homes but remained flat for Condominium homes. Days on Market increased 4.4 percent for Single Family homes but decreased 6.3 percent for Condominium homes. Months Supply of Inventory increased 33.3 percent for Single Family homes and 259.3 percent for Condominium homes.
Nationally, total housing inventory grew 6.7% month-over-month to 1.28 million units heading into June, for a 3.7 months’ supply at the current sales pace, according to NAR. However, the increase in supply has yet to temper home prices, which have continued to rise nationwide. At last measure, the median existing-home price climbed to $419,300, a 5.8% increase from the same period last year and a record high for the month.
All data from the REALTORS® Association of Maui, Inc. Report © 2024 ShowingTime.
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